$ARCA biopharma (ABIO.US)$ ARCA biopharma (NASDAQ: ABIO) has...

ARCA biopharma (NASDAQ: ABIO) has announced a 1-for-12 reverse stock split in preparation for its merger with Oruka Therapeutics. The split, approved by stockholders, will take effect on September 3, 2024. Post-merger, the company will trade as Oruka Therapeutics, Inc. (NASDAQ: ORKA). The reverse split will reduce ARCA's outstanding shares from approximately 14.5 million to 1.2 million. Stockholders approved increasing authorized shares from 100 million to 545 million. Adjustments will be made to equity awards, warrants, and convertible preferred stock. Post-merger, the combined company is expected to have about 29.5 million outstanding common shares, with additional shares underlying pre-funded warrants and convertible preferred stock, totaling approximately 46.3 million common-stock equivalents.